MUMBAI: US President Donald Trump’s 50% tariffs on India could reduce the country’s gross domestic product (GDP) by half a percent this year, the nation’s chief economic adviser V Anantha Nageswaran said in a Bloomberg TV interview today.
“Depending upon how long it lasts even in this financial year, it may translate into a GDP impact of somewhere between 0.5% to 0.6%,” he told Bloomberg TV.
US President Donald Trump, who is seeking to broker an end to the Ukraine conflict, has said India’s oil imports are helping fund Moscow’s war effort and last month doubled tariffs on imports from India to 50%.